The Bernard Baruch College
Zicklin School of Business
Department of Economics & Finance
Finance 4710 – Section FMWA/PMWA
Advanced Investments Analysis
Spring 2023
Instructor: Prof. Yud Izhakian
Office: VC 10-236
yehuda.izhakian@baruch.cuny.edu
This course syllabus is subject to changes.
Mask Safety: Wearing an appropriate mask over the nose and mouth is highly recommended during the
entire in-person meetings.
Meetings: Mondays: mostly in-person; depending on the class material, some meetings will be online-synchronous
on Blackboard
Wednesdays: online-synchronous on Blackboard
Exams: In-person
Course Description: This course provides an intensive analysis of several advanced topics in investments. It covers
investment valuation and analysis in some depth, with special emphasis on relevant cash flows,
risk analysis, and valuation approaches. It covers investment management of stock and bond
portfolios, performance measurement, and evaluation. Special topics include hedge fund
strategies, management and evaluation, introduction to financial risk management, and the
development and uses of financial derivatives and securitization.
Textbook:
Essentials of Investments.
Bodie, Kane, and Marcus, 12th Edition.
Financial Calculator: Texas Instruments BAII Plus is the suggested brand, though you can use any other model.
Chapters & Dates (subject to change):
Office Hours:
Exam: 12, 13, 14, 15
Monday: 8:00AM – 9:00AM (by appointment)
You are expected to read the textbook carefully. You are expected to go over it carefully, retracing all the steps and
the numerical problems already solved in the textbook. You are also required to obtain a financial calculator.
Attendance will be taken during the classes. Even though it is not formally graded, excessive absences may affect
your course grade. Sign in only in the section in which you are enrolled. Signing in and leaving the class or signing in
for someone else is not allowed.
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Class attendance and class participation will be encouraged and may be helpful for students (for example,
up to 5% of the course grade may be redistributed for that purpose). The College’s attendance policy is to
consider a student present if only she/he is in class at the beginning of the class and remains present through
to the end of the class. Students who arrive more than 15 minutes after class has started will be counted as
absent. Students who leave the classroom for extended periods of time will be counted as absent.
If illness should force you to miss a class, exam, or deadline, please contact me beforehand. An equation sheet may be
provided for your use on the exams.
Any use of cell phones, laptops and PDAs is completely prohibited during in-person meetings. In particular,
students should NOT place their cell phones on the desk during class. A first violation of the cell phone policy will
result in a reduction of the final score by 5%. The next violation shall result in dropping the student from the
class and a grade of “WU”.
When you attend the class, you are expected to show up on time and stay for the whole class. You are expected to
participate in class discussions. If you are engaged during the classes, the learning process will become easier and more
fun. Text messaging and/or using portable email devices of any kind is not allowed. All these rules should be
followed out of respect for other people in the classroom.
Textbook slides will be posted on the BlackBoard as an extra resource. They are not substitutes for reading the book.
All course-related material and announcements will be posted on BlackBoard. Remember to check it regularly, and
make sure your email address listed on BlackBoard is correct (so you can receive the announcements by email).
Exam dates will be announced in class.
Rules for the exam
•
Exams will be closed book.
•
You will need your financial calculator during the exam. In addition, you are free to use any other scientific
calculator, but smartphones or any other electronic devices are absolutely prohibited during the exams.
•
If you are late for an exam, you will still have time only until the end of the regular exam time.
•
NO make-up exam for the Midterm. If you miss the Midterm, its weight will be added to the final’s weight in the
grading.
•
NO online make-up exams
•
If you miss the final exam, the make-up final will be proctored by the department sometime in the next semester
(assuming you have a valid excuse).
•
These rules complement the standard rules of the School/College/University.
Grading: Listed below are the grade weights for each course item and the official letter grades:
Semester project:
Exam:
50%
50%
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Letter Grade
GPA Value
Grade Scale
A
4.0
93.0–100.0
A-
3.7
B+
Letter Grade
GPA Value
Grade Scale
C+
2.3
77.1–79.9
90.0–92.9
C
2.0
73.0–77.0
3.3
87.1–89.9
C-
1.7
70.0–72.9
B
3.0
83.0–87.0
D+
1.3
67.1–69.9
B-
2.7
80.0–82.9
D
1.0
60.0–67.0
F
0.0
Below 60
Important notice
I fully support Baruch College's policy on Academic Honesty which states, in part:
"Academic dishonesty is unacceptable and will not be tolerated. Cheating, forgery, plagiarism and collusion in
dishonest acts undermine the college's educational mission and the students' personal and intellectual growth.
Baruch students are expected to bear individual responsibility for their work, to learn the rules and definitions that
underlie the practice of academic integrity, and to uphold its ideals. Ignorance of the rules is not an acceptable
excuse for disobeying them. Any student who attempts to compromise or devalue the academic process will be
sanctioned. "
Academic sanctions in this class will range from an F on the assignment to an F in this course. A report of suspected
academic dishonesty will be sent to the Office of the Dean of Students. Additional information and definitions can be
found at http://www.baruch.cuny.edu/academic/academic_honesty.html
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TENTATIVE COURSE OUTLINE
A.
Security Analysis (for Term Project)
Bodie, Kane, Marcus
Chapters 12, 13, 14, and Teaching Notes.
B.
Derivative Markets
Bodie, Kane, Marcus
Chapters 15, 16, 17 and Teaching Notes.
C.
Active Investment Management
Bodie, Kane, Marcus
Chapters 18, 19, 20, and Teaching Notes.
D.
Taxes, Inflation, and Investment Strategy
Bodie, Kane, Marcus
Chapters 21, 22, and Teaching Notes.
E.
Special Topics: Introduction to Financial Risk Management and
Risk Management and Investments
Teaching Notes.
Securitization
Teaching Notes.
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Securitization.